Majority Stake in Embattled Chinese Lithium Miner Sold at Nearly 600 Times the Guide Price After Fierce Bidding

By Guo Yingzhe, Lu Yutong and Chen Yuewan

The price of lithium has soared in recent years as sales of electric vehicles have spiked. Photo: VCG

The majority stake in an embattled Chinese lithium mining company would be sold at an incredible price during an action after fierce bidding, amid surging demand for the key ingredient of electric vehicle batteries.

The hammer price of 2 billion yuan ($298.8 million) is 596 times the opening price for the auction of a 54.3% stake in Sinuowei Mining Development Co. Ltd. based in Southwest China’s Sichuan province, according to the auction platform owned by JD.com Inc.

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